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Web3 Security Alert — Malicious Approvals

What is a malicious approval scam? Malicious approvals are one of the most widespread, dangerous, and damaging scams in Web3 — affecting countless users. In Web3, whenever you interact with a smart contract, you're often asked to grant certain permissions by signing a transaction. Examples include: ● Approving a DApp to access your tokens (e.g., ERC-20 approve) ● Granting a contract permission to transfer your NFTs (setApprovalForAll) ● Performing on-chain actions that seem harmless, like login or verification. Malicious approval scams take advantage of these actions by tricking you into giving a malicious contract permission to transfer your assets. Key features 1. Trick users into granting dangerous permissions Scammers disguise themselves as legitimate DApps, airdrops, or NFT projects. They lure you into clicking an "Approve" button, but in reality, you are authorizing actions like [approve] (token access) or [setApprovalForAll] (NFT access) for a malicious contract. 2. Your assets are drained without a transfer You didn't initiate a transfer—just clicked "Confirm." But once the scammer gets approval, they can call on-chain functions to drain your wallet at any time without needing further approval or signature from you. 3. Approvals are often unlimited Most scam contracts request approval for the maximum possible value (2^256 - 1), giving them unrestricted and permanent access to your assets. 4. The contract does nothing else Scam contracts are passive, they don't actively steal funds on their own. Everything hinges on you willingly signing the approval, which helps them bypass traditional fraud detection and warnings. 5. Misleading signature prompts Wallet prompts for approvals are often confusing — either overly complex or overly simplified — making it hard to analyze what you're signing. Most users assume it's "just an authorization" and click "Confirm" without realizing the serious risk involved. Common scenarios 1. Fake airdrop or NFT minting pages The page may advertise "limited-time airdrops" or "free mint" promotions. Clicking the button triggers an approval request for your USDT (Approve) or NFTs (SetApprovalForAll)—once approved, scammers can drain your assets at any time. 2. Fake DEX or swap platforms You connect your Bitget Wallet to a fake DEX and try to swap USDC for a new token. The site doesn't actually initiate a swap — it just gets you to “Approve USDC.” Once done, your funds are stolen using a malicious contract. 3. Fake staking/farming or game platforms You're prompted to "stake tokens" or "start playing" on a DeFi/GameFi app. The site asks for token/NFT approval. The entire platform is a front for malicious contracts that drain your assets once authorized. 4. Hacked frontends of legitimate projects Hackers compromise trusted project sites or hijack DNS records, injecting malicious scripts to swap the real contract with a phishing one. Users think they're interacting with a legit app — but you are actually granting access to attackers. 5. Fake customer support or help documents You ask for help in a community and a fake "support agent" or "customer service"sends a link. The link leads to a fake support page asking you to authorize a contract under the guise of "resolving your issue" — but it's actually a trap. How it works The core principle of malicious approvals can be summarized in one sentence: It exploits user ignorance of how on-chain permissions work. By misleading you into granting approvals, scammers gain control of your assets and steal them without your awareness. Technical principles Here's the typical workflow of a malicious approval scam: 1. Scammer deploys a malicious contract (but it doesn't initiate transfers directly). 2. User is tricked into calling [approve] (for tokens) or [setApprovalForAll] (for NFTs). 3. Approval is granted, but assets remain in the wallet — for now. 4. Scammers then use [transferFrom()] or similar functions to move funds to their own wallet. 5. Since the transaction is technically valid (approved by the user), wallets and blockchains don't block it. Bitget Wallet security measures ● Phishing website alerts: If you visit a suspicious site, Bitget Wallet will show a warning to prevent you from unknowingly approving a malicious contract. ● Built-in contract risk detection: Bitget Wallet includes a tool that scans your existing approvals. You can proactively review and revoke high-risk or outdated permissions to keep your assets secure. Best practices to protect yourself Watch out for these red flags to identify potential malicious approval attempts: ● The DApp has no real functionality — just a prompt asking you to approve something ● It asks for access to critical assets (USDT, ETH, NFTs) ● The approval has no limit (approve (uint256 max)) ● Your wallet's signature popup shows SetApprovalForAll: true. ● The website looks unprofessional or mimics a well-known project ● Never click random links or approve anything from Telegram DMs, Twitter replies, or other unverified sources Final thoughts If you don't understand it, don't sign it. If it's not a trade, think twice before clicking. For everyday users, approving smart contract permissions should be done with extreme caution. Always adopt a security-first mindset: "approval = transferring funds." Scrutinize and double-check every contract authorization before signing. Related articles: Web3 Security Alert - SMS Spoofing Web3 Security Alert - Payzero Web3 Security Alert - High-risk Tokens Web3 Security Alert - Fake Apps Web3 Security Alert - Malicious Approvals